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European Commission approves Finnish public fund for LNG terminal

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LNG Industry,

According to Reuters, the European Commission has approved Finnish plans to make €28 million available in public funding to help pay for an LNG terminal. The terminal will be located at Hamina, which is on the southeast coast of the country. Overall, this public funding would cover 30% of the total investment.

Reuters reports that, in the statement, the European Commission confirmed said that the plan fits within state aid guidelines. The project – which would ultimately be just one terminal in a greater network of small terminals – would help to improve security of supply in the Baltic Sea area. Currently, the area is highly dependant on Russian supply.

Margrethe Vestager, the Competition Commissioner, said: “These small scale LNG terminals will provide a new source of cleaner fuel for the maritime industry and diversify Finland's gas supply sources.”

Edited from press release by David Rowlands

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